Welcome!

News Feed Item

Continental Gold Files NI 43-101 Technical Report and Announces Commencement of Preliminary Economic Assessment on its Buritica Project, Colombia

TORONTO, ONTARIO -- (Marketwired) -- 06/26/14 -- Continental Gold Limited (TSX:CNL)(OTCQX:CGOOF) ("Continental" or the "Company") is pleased to announce that, further to its press release of May 13, 2014 announcing an updated mineral resource estimate for the Buritica project in Colombia, the Company has filed with Canadian securities regulators an independent technical report prepared in accordance with National Instrument 43-101 ("NI 43-101") entitled "Independent Technical Report and Resource Estimate on the Buritica Gold Project 2013" (the "Technical Report"), containing the updated mineral resource estimates. The Technical Report, dated June 25, 2014, with an effective date of December 31, 2013, was prepared for the Company by Mining Associates Pty Limited. A copy of the Technical Report can be accessed under the Company's SEDAR profile at www.sedar.com, or on the Company's website at www.continentalgold.com.

The Technical Report covers two major vein systems - Yaragua and Veta Sur - with a combined Measured mineral resource of 990,000 tonnes of mineralized material containing 650,000 ounces of gold grading 20.4 g/t gold, 1,540,000 ounces of silver grading 48 g/t silver, and 15,000,000 pounds of zinc grading 0.7% zinc, and a combined Indicated mineral resource of 7,410,000 tonnes of mineralized material containing 2,150,000 ounces of gold grading 9.0 g/t gold, 6,890,000 ounces of silver grading 29 g/t silver, and 75,100,000 pounds of zinc grading 0.5% zinc. The combined Inferred mineral resource is 16,700,000 tonnes of mineralized material containing 4,200,000 ounces of gold grading 7.8 g/t gold, 13,100,000 ounces of silver grading 24 g/t silver and 111,000,000 pounds of zinc grading 0.3% zinc.

---------------------------------------------------------------------------
Combined Yaragua and Veta Sur Mineral Resources above a 3 g/t gold cut-off,
                          as at December 31, 2013                          
---------------------------------------------------------------------------
      Resource                 Grades                       Metal          
---------------------------------------------------------------------------
                                   AuEq                        AuEq        
Category  M tonnes Au g/t Ag g/t    g/t   Zn % Au Moz Ag Moz    Moz  Zn Mlb
---------------------------------------------------------------------------
Measured      0.99   20.4     48   21.4   0.7%   0.65   1.54   0.68    15.0
---------------------------------------------------------------------------
Indicated     7.41    9.0     29    9.6   0.5%   2.15   6.89   2.29    75.1
---------------------------------------------------------------------------
M & I         8.39   10.4     31   11.0   0.5%   2.80   8.43   2.97    90.1
---------------------------------------------------------------------------
Inferred      16.7    7.8     24    8.2   0.3%    4.2   13.1    4.4     111
---------------------------------------------------------------------------
Notes - Reported tonnage and grade figures have been rounded from raw      
estimates to reflect the order of accuracy of the estimate. Minor          
variations may occur during the addition of rounded numbers. There have    
been no assumptions made as to metal prices or recoveries in this mineral  
resource estimate other than in gold equivalents that are calculated for   
AuEq = Au+ Ag/50. M in Figures and Tables represents millions.             
---------------------------------------------------------------------------

In addition, the Company announces that it has engaged M3 Engineering & Technology Corp. ("M3"), a full-service international engineering design company headquartered in Tucson, Arizona, to oversee and complete a Preliminary Economic Assessment ("PEA") of the Buritica project in Q4 2014. Since its inception in 1986, M3 has provided architectural, engineering and construction management services, ranging from technical and financial conception to operational startup, on numerous domestic and international mining and other projects with unique technical challenges.

The PEA will be the first economic study for Buritica, to determine the potential mining and processing parameters and associated capital expenditures and operating costs for the project. The following table lists the contributors that will be responsible for the various aspects of the PEA:

---------------------------------------------------------------------------
Component                     Contributor                                  
---------------------------------------------------------------------------
Geology                       Continental Gold Limited                     
---------------------------------------------------------------------------
Mineral Resource Estimate     Mining Associates Pty Limited (Australia)    
---------------------------------------------------------------------------
Mine Planning                 NCL Ingeneiria Y Construccion S.A. (Chile)   
---------------------------------------------------------------------------
Metallurgy and Process Plant                                               
Design                        Transmin (Peru)/M3 (US and Mexico)           
---------------------------------------------------------------------------
Geotechnical Studies          Ingeroc (Chile)                              
---------------------------------------------------------------------------
Hydrology and Hydrogeology    SAG (Colombia)                               
---------------------------------------------------------------------------
Tailings Storage              SVS Ingenieros (division of SRK (Peru))      
---------------------------------------------------------------------------
Power Supply                  HMV Ingenieros Ltda (Colombia)               
---------------------------------------------------------------------------
Environmental Baseline        SAG (Colombia)                               
---------------------------------------------------------------------------

The PEA is intended to be a preliminary step and is in addition to, and not a replacement, substitute or proxy for the planned Pre-Feasibility Study ("PFS"), which the Company still intends to complete on schedule in the second half of 2015. The PEA will be based off the updated mineral resource estimate contained in the Technical Report.

"The track record of both M3 and NCL for project design and implementation in Latin America is excellent," commented Ari Sussman, CEO. "We look forward to delivering a realistic PEA in Q4 2014, providing a first-pass outline for the Buritica project."

About Continental

Continental Gold Limited is an advanced-stage exploration and development company with an extensive portfolio of 100%-owned gold projects in Colombia. Spearheaded by a team with over 40 years of exploration and mining experience in Colombia, the Company is focused on advancing its high-grade Buritica gold project to production.

Additional details on the Buritica project and the rest of Continental's suite of exploration properties are available at www.continentalgold.com.

The authors of the Technical Report, Mr. Andrew Vigar, BAppSc Geo, FAusIMM, MSEG, and Mr. Martin Recklies, BAppSc Geo, MAIG, each of Mining Associates Pty Limited, are each a "qualified person" (as such term is defined in NI 43-101) and independent of the Company, and have prepared or supervised the preparation of the technical information upon which the technical information contained in this press release is based.

Forward-Looking Statements

This press release contains or refers to forward-looking information under Canadian securities legislation, including statements regarding the estimation of mineral resources, exploration results, potential mineralization, the anticipated completion of a PEA and PFS, and exploration and mine development plans, and is based on current expectations that involve a number of business risks and uncertainties. Forward- looking statements are subject to significant risks and uncertainties, and other factors that could cause actual results to differ materially from expected results. Readers should not place undue reliance on forward-looking statements. Factors that could cause actual results to differ materially from any forward-looking statement include, but are not limited to, failure to convert estimated mineral resources to reserves, capital and operating costs varying significantly from estimates, the preliminary nature of metallurgical test results, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political risks, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects and the other risks involved in the mineral exploration and development industry forward-looking statements are subject to significant risks and uncertainties, and other factors that could cause actual results to differ materially from expected results. These forward-looking statements are made as of the date hereof and the Company assumes no responsibility to update them or revise them to reflect new events or circumstances other than as required by law.

Differences in Reporting of Resource Estimates

This press release was prepared in accordance with Canadian standards, which differ in some respects from United States standards. In particular, and without limiting the generality of the foregoing, the terms "inferred mineral resources," "indicated mineral resources," "measured mineral resources" and "mineral resources" used or referenced in this press release are Canadian mining terms as defined in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects under the guidelines set out in the Canadian Institute of Mining, Metallurgy and Petroleum (the "CIM") Standards on Mineral Resources and Mineral Reserves (the "CIM Standards"). The CIM Standards differ significantly from standards in the United States. While the terms "mineral resource," "measured mineral resources," "indicated mineral resources," and "inferred mineral resources" are recognized and required by Canadian regulations, they are not defined terms under standards in the United States. "Inferred mineral resources" have a great amount of uncertainty as to their existence, and great uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of an inferred mineral resource will ever be upgraded to a higher category. Under Canadian securities laws, estimates of inferred mineral resources may not form the basis of feasibility or other economic studies. Readers are cautioned not to assume that all or any part of measured or indicated mineral resources will ever be converted into reserves. Readers are also cautioned not to assume that all or any part of an inferred mineral resource exists, or is economically or legally mineable. Disclosure of "contained ounces" in a resource is permitted disclosure under Canadian regulations; however, United States companies are only permitted to report mineralization that does not constitute "reserves" by standards in the United States as in place tonnage and grade without reference to unit measures. Accordingly, information regarding resources contained or referenced in this press release containing descriptions of our mineral deposits may not be comparable to similar information made public by United States companies.

Contacts:
Continental Gold Limited
+1.416.583.5610
[email protected]
www.continentalgold.com

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
Bill Schmarzo, author of "Big Data: Understanding How Data Powers Big Business" and "Big Data MBA: Driving Business Strategies with Data Science," is responsible for setting the strategy and defining the Big Data service offerings and capabilities for EMC Global Services Big Data Practice. As the CTO for the Big Data Practice, he is responsible for working with organizations to help them identify where and how to start their big data journeys. He's written several white papers, is an avid blogge...
DXWorldEXPO LLC announced today that All in Mobile, a mobile app development company from Poland, will exhibit at the 22nd International CloudEXPO | DXWorldEXPO. All In Mobile is a mobile app development company from Poland. Since 2014, they maintain passion for developing mobile applications for enterprises and startups worldwide.
DXWorldEXPO LLC announced today that Dez Blanchfield joined the faculty of CloudEXPO's "10-Year Anniversary Event" which will take place on November 11-13, 2018 in New York City. Dez is a strategic leader in business and digital transformation with 25 years of experience in the IT and telecommunications industries developing strategies and implementing business initiatives. He has a breadth of expertise spanning technologies such as cloud computing, big data and analytics, cognitive computing, m...
In his session at 21st Cloud Expo, James Henry, Co-CEO/CTO of Calgary Scientific Inc., introduced you to the challenges, solutions and benefits of training AI systems to solve visual problems with an emphasis on improving AIs with continuous training in the field. He explored applications in several industries and discussed technologies that allow the deployment of advanced visualization solutions to the cloud.
We all know that end users experience the Internet primarily with mobile devices. From an app development perspective, we know that successfully responding to the needs of mobile customers depends on rapid DevOps – failing fast, in short, until the right solution evolves in your customers' relationship to your business. Whether you’re decomposing an SOA monolith, or developing a new application cloud natively, it’s not a question of using microservices – not doing so will be a path to eventual b...
One of the biggest challenges with adopting a DevOps mentality is: new applications are easily adapted to cloud-native, microservice-based, or containerized architectures - they can be built for them - but old applications need complex refactoring. On the other hand, these new technologies can require relearning or adapting new, oftentimes more complex, methodologies and tools to be ready for production. In his general session at @DevOpsSummit at 20th Cloud Expo, Chris Brown, Solutions Marketi...
At the keynote this morning we spoke about the value proposition of Nutanix, of having a DevOps culture and a mindset, and the business outcomes of achieving agility and scale, which everybody here is trying to accomplish," noted Mark Lavi, DevOps Solution Architect at Nutanix, in this SYS-CON.tv interview at @DevOpsSummit at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
I think DevOps is now a rambunctious teenager - it's starting to get a mind of its own, wanting to get its own things but it still needs some adult supervision," explained Thomas Hooker, VP of marketing at CollabNet, in this SYS-CON.tv interview at DevOps Summit at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
Enterprises are moving to the cloud faster than most of us in security expected. CIOs are going from 0 to 100 in cloud adoption and leaving security teams in the dust. Once cloud is part of an enterprise stack, it’s unclear who has responsibility for the protection of applications, services, and data. When cloud breaches occur, whether active compromise or a publicly accessible database, the blame must fall on both service providers and users. In his session at 21st Cloud Expo, Ben Johnson, C...
In this presentation, you will learn first hand what works and what doesn't while architecting and deploying OpenStack. Some of the topics will include:- best practices for creating repeatable deployments of OpenStack- multi-site considerations- how to customize OpenStack to integrate with your existing systems and security best practices.
"MobiDev is a software development company and we do complex, custom software development for everybody from entrepreneurs to large enterprises," explained Alan Winters, U.S. Head of Business Development at MobiDev, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
Agile has finally jumped the technology shark, expanding outside the software world. Enterprises are now increasingly adopting Agile practices across their organizations in order to successfully navigate the disruptive waters that threaten to drown them. In our quest for establishing change as a core competency in our organizations, this business-centric notion of Agile is an essential component of Agile Digital Transformation. In the years since the publication of the Agile Manifesto, the conn...
Major trends and emerging technologies – from virtual reality and IoT, to Big Data and algorithms – are helping organizations innovate in the digital era. However, to create real business value, IT must think beyond the ‘what’ of digital transformation to the ‘how’ to harness emerging trends, innovation and disruption. Architecture is the key that underpins and ties all these efforts together. In the digital age, it’s important to invest in architecture, extend the enterprise footprint to the cl...
Leading companies, from the Global Fortune 500 to the smallest companies, are adopting hybrid cloud as the path to business advantage. Hybrid cloud depends on cloud services and on-premises infrastructure working in unison. Successful implementations require new levels of data mobility, enabled by an automated and seamless flow across on-premises and cloud resources. In his general session at 21st Cloud Expo, Greg Tevis, an IBM Storage Software Technical Strategist and Customer Solution Architec...
"We work around really protecting the confidentiality of information, and by doing so we've developed implementations of encryption through a patented process that is known as superencipherment," explained Richard Blech, CEO of Secure Channels Inc., in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.